Posted by Keith on .
Sam two student loans totaled $31,000. One of his loans was at 2.8% simple interest and the other at 4.5%. After one year, Sam owed $1024.40 in interest. What was the amount of each loan?
x = loan at 2.8%, y = loan at 4.5%
0.028x + 0.045y = 1024.40
x + y = 31000
solve these two equations together for your answer
post back if you need help